How smart is Smart Adeyemi’s luxury hotel venture?

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How smart is Smart Adeyemi’s luxury hotel venture?

How smart is Smart Adeyemi’s luxury hotel venture?
March 07
16:29 2016

Like a smart alec, Smart Adeyemi won the mandate of his people and the Peoples Democratic Party (PDP) power bloc for two consecutive terms. Smart lived a charmed life. The journalist turned politician smartly sustained his position as a Senator representing Kogi West Constituency of Kogi state. As a Senator, he enjoyed the respect and adulation of high society and corporate business sectors. Even the banks eagerly befriended him. Predictably, Smart, like too many of his predecessors, got carried away and he exploited his position and the sudden affluence it accorded him to full measure. During the period, he began the construction of two hotels, the King Stone Hotel in GRA and Royal Shekina along Offa Garage road in Kwara state.

But after two terms as a senator, Smart lost his third term re-election bid to All Progressives Congress (APC)’s Senator Dino Malaye in the 2015 general election. Now there’s paucity of funds, according to the high society rumour mill. Consequently, Smart is unable to complete the construction of his two hotels. According to mischief makers, he is unable to complete the capital intensive projects because he no longer has access to free money as he used to back when he was a Senator. There is no gainsaying Smart enjoyed and  lived in luxury during his term in the Senate. His access to free money enabled him finance capital intensive projects like his two luxury hotels where construction has being placed on hold indefinitely. Since his exit from the Senate, Smart has practically abandoned the projects as both buildings have not been completed or attended to since November 2015.

According to a very close source to the former Senator, the King Stone Hotel is a total write-off. It is not fit for human habitation, claimed the source. The question now is, are the banks refusing to grant loans to Senator Smart to complete his hotels because he is no longer in the Senate? Or is that they do not consider Smart’s hospitality enterprise a smart investment? Time will tell.

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